Canadians today are having to spend the highest share of their disposable incomes on mortgage payments since the early-’90s, when the market was reeling from a collapse in prices.

That may lead some to speculate history is about to repeat itself, but a Hot Charts report from National Bank notes a key difference this time around.

“Back in the early 1990’s, interest accounted for the bulk of mortgage payments. But as today’s Hot Charts show, capital repayments now account for almost half of mortgage payments,” writes Krishen Rangasamy, a senior economist at National Bank.

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The upshot is borrowers are building equity, and therefore in a better position to shoulder shocks.